A global asset manager is expecting to use funds to push the mass adoption of blockchain and crypto.
HashKey Capital, a Hong Kong-based global asset manager specializing in blockchain and crypto, has raised $500 million during an investment round for its FinTech Investment Fund III.
According to the announcement shared on January 17th, Fund III will be used to finance tools, infrastructure and applications, which can boost the mass adoption of blockchain technology and crypto.
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When talking about the company's newest fund, HashKey Group Chairman, Dr Xiao Feng, noted:
Fund III will follow our time-tested investment principles while also looking for game-changers, which would be those that will propel the industry forward into the next stage.
Moreover, HashKey Capital revealed that Fund III will target investments across various crypto areas with a specific focus on application and infrastructure builders.
It is worth noting that the company started raising funds over a year ago. At the beginning of 2022, the fund had raised $360 million in commitments. HashKey Capital's chief executive officer (CEO) Deng Chao claimed that initially, the firm aimed to raise $600 million. However, noted that at this point, “timing matters more than the size," adding:
We are now at the bottom of the next cycle. That's why we closed the fund and launched it officially. We closed our previous two funds too at the bottom of the next cycles in 2018 and 2020.
In the announcement, HashKey Group revealed that it was one of the first investors in Ethereum. Dr Xiao Feng claimed that the company was “the inspiration behind the Shanghai Upgrade.”
The HashKey Group was the inspiration behind the name ‘Shanghai Upgrade’ for Ethereum. As one of the earliest institutional investors in Ethereum and the host of Devcon2, we have maintained since the first day that the power of blockchain and crypto innovation can create a better future.
Since its launch in 2018, HashKey Capital has reportedly managed over $1 billion in client assets.